3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry.
We recently took a look back at c-store acquisitions from the first half of 2026. Today, we’re taking a look at a report from Corner Capital Market that analyzed the broader M&A market and what the rest of the year might look like for the convenience retail and fuel industries.
The financial environment has improved for M&A in the U.S. thanks to laws that have helped retailers on the accounting side of the business. Interest rates have also been holding steady, so “deals are clearing on demand, not cheap debt,” Corner Capital’s report said.
In this week’s “3 Big Numbers” we look back at the first half in M&A and what it might mean for the second half.
$1.6 trillion
The approximate global M&A deals value in the first quarter.
According to Corner Capital, the global value for M&A deals in Q1 reached approximately $1.6 trillion. That’s the strongest quarter in the past five years, and the total could go even higher given reporting lag on some of these acquisitions, according to the report.
Corner Capital also noted that it is seeing renewed lender participation in M&A markets, which suggests a growing comfort with current pricing.
“Broader mid-market volume could follow if financing costs ease through 2026,” the report noted.
22
The number of c-store and fuel distribution M&A deals in the first half of 2026.
Corner Capital found there were 22 c-store M&A transactions through the first half of the year. That’s roughly on pace with last year’s 44 deals and is closing in on the 33 deals the industry saw in 2023.
Corner Capital said it’s seen an increase in national and regional “consolidators” looking for companies to acquire, and highlighted acquisitions by Sunoco and Cumberland Farms as emblematic of that trend.
This is reducing the pool of midsized regionals, as they’re getting bought up by larger competitors.
“Market dynamics continue to favor sellers, with strong interest from national and regional consolidators against a constrained supply of quality acquisition opportunities,” Corner Capital said
56
The highest number of c-stores included in a single deal in the first half of this year.
Although the biggest deal Corner Capital listed from Q1 was the sale of Monfort Companies’ 80 locations, that’s the total stores it sold since 2023, and the company only divested its final 20 sites in February, according to a press release earlier this year.
Excluding that, there have been several in the 20-60 store range.
The largest acquisition made public so far this year was Sunoco’s purchase of Jernigan Oil Company and its 56 Duck-Thru locations. Sunoco has also been one of the busiest acquirers overall. Even counting the Monfort sale, three of the five biggest c-store M&A transactions in the U.S. this year have involved Sunoco.
If midsize industry consolidation continues at its current pace, we could see major competitive shifts in a number of markets.
